$6billion

In a report issued by Bank of America's John Kim and RossNussbaum, the analysts state the company lowered Reckson's ratingfrom buy to neutral based upon the deal that would give Recksonshareholders $43.31. "While we can't completely rule out a higheroffer, we also can't eliminate the possibility that the deal is notapproved," the analysts say. "With a bid on the table at $43.31,and upside potential/downside risk that are balanced, we are movingto the sidelines."

Kim and Nussbaum base the decision on the possibility that theprice tag is lower than Reckson is worth. The pair's current NetAsset Value "estimate is $45.50 at 5.7% cap rate, and our forward2Q07 NAV is $46.14 at a 6% cap rate." With these projections, theycontend the door may be open for a higher bid, although severalfactors decrease that probability: Reckson went through anopen-sale process--entertaining several bids--and independent boardmembers fully vetted the deal, according to the analysts.